Nimbus attracts Rs 552cr pvt equity invt from 3i,Cisco,OIF

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In a landmark deal, Nimbus Communications Limited, India's only company with a business mix of media, entertainment and sports, has attracted an investment of Rs. 552 crores (approx US$ 125 million) from 3i, Cisco and Oman Investment Fund (OIF). This marks 3i's second round of investment in Nimbus, the entry of OIF into the Indian market and Cisco's continued strategy to invest across the Indian content industry.

 

Commenting on this investment, Harish Thawani, Executive Chairman, Nimbus Communications Limited said, "Nimbus' consistent year-on-year hyper growth, depth of management and aggressive expansion plans were key to attracting the highest quality investors to our third round of private equity investment."

 

The investment is in the form of compulsorily convertible bonds that will convert into equity based on a pre-set formula, prior to an IPO or trade sale.

 

Anil Ahuja, Managing Director & Co-Head Asia, 3i, said, "3i invested US $ 45 million in Nimbus 18 months back and the Company's exemplary execution of its growth plans has enthused us to further participate in this round which is intended to fuel its goal of becoming a billion dollar company by 2010."

 

Added Akash Khurana, Managing Director, Nimbus Communications Limited, "3i has added immense value to the Company reinforcing our belief that high quality private equity is a valuable growth driver. Their further participation combined with the technological edge that Cisco brings to Nimbus and the Middle East culture knowledge that OIF brings to us is a potent mix for our future growth and profitability."

  

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